AUD/USD: Downside opening up towards 0.7150

After a brief recovery stint from seven-month lows witnessed yesterday, the AUD/USD pair turned lower once again amid resurgent USD buying and weaker copper prices.

AUD/USD faces double whammy

Currently, the AUD/USD pair drops -0.14% to 0.7176, having run into 5-DMA resistance at 0.7188. The AUD/USD pair resumed the bearish momentum in a holiday-quiet Asian session this Tuesday, as the bulls were hit hard by ongoing weakness in copper prices. Australia is highly dependent on copper exports for its revenues.

Further, a pick-up in buying interest seen around the greenback versus its main competitors also collaborated to the renewed downslide in the Aussie. The bears now target the multi-month troughs reached near the mid-point of 0.71 handle ahead of the US datasets due later in the NA session.

AUD/USD Levels to watch   

The pair finds the immediate resistance at 0.7188 (5-DMA) above which gains could be extended to the next hurdle located 0.7228 (10-DMA) and 0.7272 (daily R2). On the flip side, the immediate support located 0.7154/52 (multi-month lows). Selling pressure is likely to intensify below the last, dragging the Aussie to 0.7105 (March 2016 low) and below that at 0.7012 (Nov 2015 low).